South Africa: Unemployment, Strike; No Political Change Expected

By Shuli Ren

Elsewhere in emerging markets, change is coming. India is expected to usher in a tea stall owner’s son to be the next Prime Minister. Indonesia‘s general election in July is widely open. Even Brazil is cautiously optimistic that the October election is contestable.

South Africa remains the same old, despite a 25% unemployment rate. The nation will hold a general election this Wednesday. The ruling African National Congress is likely to win more than 60% of the votes, even though President Jacob Zuma faces pretty serious corruption charges.

In the first quarter this year, unemployment rate rose to 25.2% from 24.1% in the previous quarter.

Meanwhile, the strike organized by the Association of Mineworkers and Construction Union (AMCU) against Platinum miners – Anglo American Platinum, Lonmin and Impala Platinum – has lasted four months and remains in standstill. Last week, the platinum miners ended wage negotiations with the AMCU and decided to put their latest pay offer directly to workers via mobile text messages. The miners say most workers are eager to get back to work. AMCU complains the move is “exploitation of workers.”

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About Emerging Markets Daily

Emerging markets have been synonymous with growth, but the outlook for individual nations is constantly changing. Countries from Brazil and Russia to Turkey face challenges including infrastructure bottlenecks, credit issues and political shifts. The Barrons.com Emerging Markets Daily blog analyzes news, data and research out of emerging markets beyond Asia to help readers navigate the investment landscape.

Barron’s veteran Dimitra DeFotis has been blogging about emerging market investing since traveling to India and Turkey. Based in New York, she previously wrote for Barron’s about U.S. equity investing, including cover stories and roundtables on energy themes. Dimitra was among the first digital journalists at the Chicago Tribune and started her career as a police reporter at the Daily Herald in the Chicago suburbs. Dimitra holds degrees from the University of Illinois and Columbia University, where she was a Knight-Bagehot Fellow in the business and journalism schools.